Back
2 Oct 2013
AUD/USD rallies sharply Tuesday but fails to eclipse pivot resistance at 0.9456
FXstreet.com (Barcelona) - The AUD/USD rallied off of potential correction support at 0.9282 once again Tuesday – giving risk bulls short-term confidence. A close above 0.9456 will be required to give bulls the victory, though.
The Aussie Dollar strength came Tuesday from RBA non-dovishness and a return to “risk-on”
The AUD/USD cross rallied Tuesday on a return to “risk-on” attitude by global investors. But, it was a lack of hawkish language from the Reserve Bank of Australia in their monthly policy statement that started the rally in AUD/USD early in the Tuesday session.
Wednesday, AUD/USD traders will be watching the Australian home sales, building permits and trade balance as they are released. Additionally, later in the session, they will get to trade around the ISM New York Index, the ADP Employment Report and US Construction Spending. Finally, all eyes will be trained directly on Ben Bernanke as he delivers a speech later in the US session – although with the goings on in DC, nobody is expecting anything approaching hawkishness from him.
Technical outlook for AUD/USD
The AUD/USD held key “correction support” at 0.9282 and bounced nicely Tuesday. The bounce, however, has thus far failed to eclipse important resistance at 0.9456. The next target on the downside if 0.9282 fails is 0.9253.
The Aussie Dollar strength came Tuesday from RBA non-dovishness and a return to “risk-on”
The AUD/USD cross rallied Tuesday on a return to “risk-on” attitude by global investors. But, it was a lack of hawkish language from the Reserve Bank of Australia in their monthly policy statement that started the rally in AUD/USD early in the Tuesday session.
Wednesday, AUD/USD traders will be watching the Australian home sales, building permits and trade balance as they are released. Additionally, later in the session, they will get to trade around the ISM New York Index, the ADP Employment Report and US Construction Spending. Finally, all eyes will be trained directly on Ben Bernanke as he delivers a speech later in the US session – although with the goings on in DC, nobody is expecting anything approaching hawkishness from him.
Technical outlook for AUD/USD
The AUD/USD held key “correction support” at 0.9282 and bounced nicely Tuesday. The bounce, however, has thus far failed to eclipse important resistance at 0.9456. The next target on the downside if 0.9282 fails is 0.9253.